Average scrap prices in the Chinese domestic market have posted minimal changes over the past week with small rises seen in a few regions, but the overall mood is still bearish amid insufficient demand.
Average domestic HMS scrap prices in China are at RMB 2,196/mt ex-warehouse, edging up by RMB 4/mt on average compared to the previous week, according to SteelOrbis’ information.
Average scrap prices in China’s main markets are presented in the following table.
| Product name | Specification | Origin | Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
HMS |
> 6 mm | Tianjin | 2,245 | 316.2 | -20 | -2.5 |
| Liupanshui,Guizhou | 2,085 | 293.6 | 30 | 4.6 | ||
| Nanchang,Jiangxi | 2,150 | 302.8 | 0 | 0.3 | ||
| Handan,Hebei | 2,300 | 323.9 | 20 | 3.2 | ||
| Anyang,Henan | 2,245 | 316.2 | 0 | 0.4 | ||
| Zhangjiagang,Jiangsu | 2,140 | 301.4 | 0 | 0.3 | ||
| Jinan,Shandong | 2,205 | 310.5 | 0 | 0.3 | ||
| Average | 2,196 | 309.2 | 4 | 1.0 | ||
| Note: Prices include 3 percent VAT as of March 1 2022. | ||||||
Inventories of finished steel in China have increased, signaling that demand from downstream users has not improved, exerting a negative impact on the scrap market. However, the delivery of scrap to the market has been at relatively low levels, bolstering prices to a certain degree. It is expected that scrap prices in the Chinese domestic market will continue to fluctuate within a limited range in the coming week.
$1 = RMB 7.1062
